Trusts aren’t a new thing. They’re an estate-planning device whose history can be traced through Roman law, England during the Crusades, and into the modern era. A trust is basically a relationship between three parties. The first party is the grantor (also known as the creator or settlor), which is the person making the trust. The second party is the trustee, who manages the trust. The third party is the beneficiary, who receives the benefit of the property placed into the trust.
The classic example of a trust is the “trust fund” that wealthy people use to provide money to their children. For instance, a father may, as a grantor, place some money into a trust for his son, the beneficiary, and that money may be managed by a bank, the trustee, for the son’s benefit.
When it comes to NFA trusts, though, things are a little different. NFA trusts allow someone who wants to own NFA/Title II firearms to share those firearms with other people. Normally, the owner of an NFA firearm is the only person who can legally possess it. With an NFA trust, any trustee can legally possess the NFA firearms owned by the trust.
One of the issues that a properly-drafted NFA trust must address is allowing the trustee (you and your friends or family) to use the trust property (the NFA items) without creating liability to the beneficiary for depreciating their value. An NFA trust must also contain specific language to make sure that the trustees cannot take any action that would violate federal law. The Wildcat Trust contains NFA-specific language created by an experienced attorney, and so you can be sure it protects you better than a generic trust form. A properly drafted NFA trust protects the people you love after you die and is a worthwhile investment.
The Wildcat Trust is a properly-drafted NFA-specific trust, and as long as you follow the recommendations for naming trustees and beneficiaries, you can be confident that this trust will protect you and your firearms. Once you’ve read the instructions with the trust package, if you feel like you need professional assistance, any local attorney, licensed to practice in your state, can help you complete this trust package very quickly. The low cost of a Wildcat Trust package means that even if you decide to have an attorney assist you, you’ll still pay less than if you retained an attorney to draft an NFA trust for you from scratch.